Identify and describe the 8 major steps in planning an audit. Be...
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Accounting
Identify and describe the major steps in planning an audit. Be sure to give examples of what each step would normally require the auditor to do in regards to the specific steps.
What is the purpose of a client representation letter? What are the key elements normally included in the letter?
Why is identifying a potential loss contingency so important to the auditor? How can an auditor determine if one exists beyond what is reported in the financial statements or note disclosures?
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